Discussion 2: Preparing for a Strengths, Weaknesses, Opportunities, and Threats Analysis
The SWOT analysis is a major component of the strategic planning process. It provides leadership with an evaluation of organizational performance in relation to competitors and external forces. This evaluation helps leaders capitalize on organizational strengths and improve their weaknesses in order to differentiate themselves from competitors.
It is important for a nurse executive to consider how the setting in which it is conducted, and the stakeholders involved, may affect the results of a SWOT analysis. When conducting a SWOT analysis, it is also vital to have a comprehensive and objective assessment of each element of the analysis in order to get an accurate understanding of the issues surrounding the strategic plan issue.
- Review the Learning Resources, including this week’s media presentation, focusing on the elements of a SWOT analysis.
- Think about your Strategic Plan and the data sources you could analyze to conduct a SWOT analysis at your selected location.
- Reflect on who else, besides yourself, should be involved in conducting the SWOT analysis related to the identified strategic plan issue.
- Consider how values and experiences may influence perceptions related to SWOT analysis. Think about the specific group or organization that is the focus of your Strategic Plan. How would conducting a SWOT analysis in this setting affect the investigation? How would the involvement of certain individuals—and the lack of involvement by others—affect the analysis?
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Preparing for SWOT Analysis
The most effective method to carry analysis in healthcare is by conducting a SWOT analysis. Kolesnyk et al. (2021) states that SWOT analysis refers to a planning process that enables organizations to realize and overcome their challenges and identify new leads that they can pursue. Hence, SWOT analysis will be essential to ensure that the strategic plan is successful since it will help the organization realize its strengths, weaknesses, available opportunities, and threats. As a result, it will become easier to work on the organization’s strengths in funding and management and address the areas lacking and minimize risks. In that case, Albert and Rahmat (2019) postulate that there will always be a need to evaluate the organization’s position before taking any initiative to launch new strategies. The primary sources that can help with the SWOT analysis include peer-reviewed literature, surveys, medical and administrative records, surveillance, claim and vital data. According to Maher et al. (2019), the author indicates that healthcare organizations should always be careful with the individual who handles medical data to ensure that organizational and patient information is well-handled to avoid breaches. The organization will scrutinize all individuals responsible for conducting the SWOT analysis to prevent future problems.
During a SWOT analysis, setting factors are also essential to consider, such as the company. Company culture is essential, especially on matters concerning communication flow culture (Paramalingam et al., 2020). Hence, the organization should have flexibility in resource allocation to ensure a smooth flow of events. However, too much flexibility can lead to miscommunication and misallocation of resources necessary for SWOT analysis. There will need to create strategies that will lead to SWOT analysis success to avoid compromising the whole situation like identifying leaders who will collaborate with the analysis expert.
Albert, A., & Rahmat, S. T. Y. (2019). Implementation of swot analysis in hospital management using the jkn-kis service concept. Russian Journal of Agricultural and Socio-Economic Sciences, 86(2).
Kolesnyk, P., Frese, T., Vinker, S., Shushman, I., Zharkova, A., Messaadi, N., … & Bayen, S. (2021). Steps towards implementing evidence-based screening in family medicine in Ukraine: SWOT-analysis of an approach of multidimensional empowerment. BMC Family Practice, 22(1), 1-11.
Maher, A., Ayoubian, A., Rafiei, S., Tehrani, D. S., Mostofian, F., & Mazyar, P. (2019). Developing strategies for patient safety implementation: a national study in Iran. International journal of health care quality assurance.
Paramalingam, R., England, R., Mollura, D., & Koff, D. (2020). Expanding the reach of global health radiology via the world’s first medical hybrid airship: A SWOT analysis. Journal of Global Health, 10(1).